564M Emergency Loan Grant to Members in El Niño Affected Areas- GSIS

An allocation of P563.6 million has been given by the Government Service Insurance System (GSIS) as emergency loan to its active members and old-age pensioners in Mindanao areas that were affected by El Niño.

GSIS identified areas with members and pensioners who are eligible for the loan and two are from this province, namely the municipalities of Kabasalan and Alicia. The other areas are Iligan City in Lanao del Norte, Claveria in Misamis Oriental, Tudela and Bonifacio in Misamis Occidental and Guipos and Kumalarang in Zamboanga del Sur.

In a statement, GSIS said that the identified areas may apply for the loan until July 31 except those in El Salvador City, Misamis Oriental who are given August 9 as deadline for their application.

GSIS said that a total of 17,579 active members are eligible to apply if they are working or residing in the calamity-declared areas, are not on leave of absence without pay, and have no arrears in paying premium contributions in the last six months.

First-time borrowers are granted to apply for an emergency loan up to P20,000 while those who have an existing emergency loan are qualified to apply up to P40,000 from which their outstanding balance will be deducted.

Old-age pensioners residing in the identified areas with a total of 2,731 may borrow up to P20,000 but if they are also active members for been reemployed in the government service may borrow only once, GSIS said.

The loan, GSIS said, is payable in 36 equal monthly instalments at six percent interest rate per annum computed in advance. Covered by loan redemption insurance which deems the loan fully paid in case of the borrower’s demise, provided that loan repayment is up to date.

Active members may apply through any GSIS Wireless Automated Processing System (GSIS WAPS) kiosk located in all GSIS branch and extension offices while active old-age pensioners must personally submit to the GSIS a fully accomplished emergency loan application form to apply for the loan.

Loan proceeds are electronically credited to the borrowers’ GSIS electronic card (e-card) or Unified Multipurpose Identification Card.

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